Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Recommendation of “Hold” from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus recommendation of “Hold” from the nineteen ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $66.8125.

RNA has been the subject of several recent research reports. Wells Fargo & Company began coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price for the company. Finally, Leerink Partners started coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating on the stock.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. EFG International AG bought a new stake in shares of Avidity Biosciences during the 4th quarter valued at $33,000. Los Angeles Capital Management LLC bought a new position in Avidity Biosciences in the 4th quarter worth $34,000. Smartleaf Asset Management LLC increased its stake in Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after buying an additional 397 shares in the last quarter. Allworth Financial LP increased its stake in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares in the last quarter. Finally, Osaic Holdings Inc. raised its holdings in Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,543 shares during the period.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $13.65 on Monday. The company has a market cap of $233.50 million, a price-to-earnings ratio of -2.75 and a beta of 0.93. Avidity Biosciences has a 1 year low of $11.40 and a 1 year high of $16.77. The firm has a fifty day moving average price of $12.87 and a 200-day moving average price of $35.42.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The company had revenue of $19.64 million for the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Equities research analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.